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The Importance of Business Analytics

Talking points from the key note speech of Sameer Dhanrajan, Business Leader at Cognizant TechnologiesData-rich, Information-poor and Insight starved. This is how keynote speaker Sameer Dhanrajani describes organizations today. Indeed, in the age of Big Data, this is a powerful paradox to kick start a Business Analytics conference attended by the who’s who of the Analytics world in India.

So why do a business analytics course?

Data alone is useless unless it helps you address real-time business issues. Is Analytics helping customers solve their problem? Can I bring about strategic change in my business using Analytics? The answer is YES! The increasing adoption of Business Analytics by not only CXO’s but also by heads of business and process owners is testament to the transformative power of Analytics.

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Analytics has been highlighted as a key strategic technology trend in 2015, according to a Gartner report, Oct 2014. This is the first time that three of the top 10 IT trends are from the world of Analytics. These include 1) Advanced, Pervasive, and Invisible Analytics; 2) Context- rich systems; and 3) Smart Machines.

The capabilities of Business Analytics will define what processes will be part of an organization, and not the other way round. These capabilities straddle the entire value chain for businesses, but are especially relevant for Banking, Insurance, healthcare, and Entertainment domains.

The same report identifies Marketing, Operations, Sales, Customer service and R&D as the key areas where customers are already investing heavily in building their internal capability for advanced analytics.The other key trend in Analytics is the adoption of open source platforms like R. R is versatile, can be customized as required and is free of cost, which accounts for its rising popularity over proprietary software like SAS.

In conclusion, there is a significant shift in how we leverage data to meet our objectives. Exciting new Analytics technologies are emerging—and in some cases, converging—to help organizations drive innovation and make smarter decisions with insights based on more than just structured, static data.

Importance of business analytics is paramount and you have said eloquently in your very first phrase. Data is useless untill it is used and business analytics is the science and art of applying human mind to data and extract it to perform bigger tasks.

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